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Product Development Plan: 4 Reasons You Need It

Product Development Plan: 4 Reasons You Need It. The Importance of Proper Evolvement and Execution.

Product Development Plan: 4 Reasons You Need It. The Importance of Proper Evolvement and Execution.

Product Development Plan: 4 Reasons You Need It. The Importance of Proper Evolvement and Execution.

 

From ideation to fulfillment, every invention or a viable idea requires a thorough development strategy to carry the concept to fruition. Your Product Development Plan (PDP) is of utmost importance to your future success. Here’s why.

1. It guides you through the process.

After defining and refining their ideas, inventors often may feel overwhelmed by the thought of pursuing product development. Also, product developers and project managers tend to underestimate the timeline necessary to produce a product, leading to unnecessary expenses of stress, money, and wasted time. Those are just a few of the reasons why developing a successful invention is an extensive multi-step process that requires guidance and organization.  Therefore, without a master plan, it is nearly impossible to understand the full requirements of your project, including how to properly perform a market research and complete a production timeline.

That’s where the Product Development Plan (PDP) comes in. A PDP is a step-by-step product design roadmap that serves as a navigation tool for you and your team, taking your product from conception to market. It encompasses not just production and manufacturing, but everything that leads up to those points, from photorealistic renderings to explainer videos which you can present to potential investors.

Every PDP is unique to the product being designed. Hence, an infinite number of factors play into your product’s development timeline. For example, developing a product with an electronic component will typically take longer than a simple plastic product. With the PDP, inventors can subjectively review the overall anticipated process and determine the best avenue for the development.

2. It keeps your team motivated.

Communication can become a challenge in a product development team of any size. Very often miscommunication results in lost time and funds. However, with a comprehensive development plan, your team can remain on track and committed to your vision.

Consequently, implementing a PDP empowers you to easily assign tasks to your team members, increasing organization and efficiency, ultimately allowing you to achieve faster and better results. 

3. It simplifies the budget.

The Product Development Plan lays everything out for you up front. All projected costs are logged so that you can anticipate and fully understand any future expenses from the very beginning. 

4. It helps you reach investors.

In addition to helping you to manage your timeline, team, and budget, a fully developed Product Development Plan is an essential item required for reaching potential investors. As your project progresses, you may find it beneficial to seek investors for funds and expertise. Investors expect a detailed execution strategy, which the PDP provides. It serves as a concise representation of your product’s future potential, offering prospective investors with clarity about benefits of manufacturing your product.  

So how do we do it?

In order to design a streamlined Product Development Plan tailored to a unique product, our team focuses on learning everything about the inventor and their idea. Through conversation and a series of specific questions, we determine which stage the inventor is in and the route of product development they are planning to pursue. For example, do they plan to license their idea to a larger company? If so, this would require different steps than building the concept into a business. We also analyze any of the inventor’s web and marketing materials to develop a comprehensive plan that does not include repetitive steps. This all gets translated into the PDP.

We know you are committed to taking your ideas to the next level. But without proper execution, your otherwise brilliant ideas may fall to the wayside. A Product Development Plan is the best tool to transform your vision into reality. It grants you comprehensive guidance throughout the design process that will lead to your eventual success. That is why we encourage you to continue your journey and discover the full potential of your product.

It begins here.

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